Losses suffered by Coscharis Group in the fire that gutted its Head Office this morning has been estimated at billions of naira.

As earlier reported by News Express, the massive warehouse at Coscharis Head Office located at No 1-7 Coscharis Street, Kirikiri Industrial Estate, Maza-Maza, Lagos, was gutted by fire and men of the fire service ran out of water while trying to contain it.

“The warehouse is said to contain goods like tyres, spare parts, gas cylinders, Agro-products, and inverters and valued at billions of naira,” reports Vanguard newspaper which has its head office in the same neighbourbood with Coscharis.

Eyewitnesses said the fire started at about 4:00am

“Firefighters from the Lagos State Fire Service and the Navy are battling to extinguish the fire,” according to the paper.

The fire is the second major financial disaster in eight months to afflict the owner, the unassuming Dr. Cosmas Maduka, who is still licking his wounds over the loss of N23 billion in a business scam perpetrated by Dr. Ifeanyi Ubah, a business man and political who, like Maduka, hails from Nnewi in Anambra State, South-East Nigeria.

A household name in Nigeria, Coscharis Group evolved out of a modest company, Maduka Brothers Company incorporated in 1977. The company metamorphosed from Maduka Brothers Company to COSDAV Motors and later to the Coscharis Group.

The company deals in a wide range of products including importation and distribution of motorcycles and its spare parts, ball and roller bearings, and original Japanese motor spare parts, sales and services of automobiles, auto-care products, Computer and Accessories, Medical equipment, and General Air conditioners. It is also involved in Financing/Leasing, as well as water bottling, among other businesses.

•Photo shows Coscharis CEO, Dr. Cosmas Maduka.